Agusto & Co. hereby upgrades the rating assigned to Nigeria Mortgage Refinance Company Plc to ‘Aa’.
The rating expires on 30 June 2023.
Agusto & Co. hereby upgrades the rating assigned to Nigeria Mortgage Refinance Company Plc (“NMRC” or “the Company”) to ‘Aa’. The rating reflects the Company’s good profitability, good asset quality, strong capitalisation for current business risks, good liquidity and experienced management team. The rating also takes into cognisance the irrevocable and unconditional guarantee of the Federal Government of Nigeria (FGN) for NMRC’s bond issuances, which has supported the strong track record in the Nigerian debt capital market. However, the rating is constrained by the low contribution of the Company’s core activities to earnings and concentration in the mortgage refinancing and placement portfolios. We have also considered the significant uncertainty in Nigeria’s macro environment, which has adversely affected businesses and households.
The Nigeria Mortgage Refinance Company (‘NMRC’ or ‘the Company’) is a public limited liability company that is licensed as a mortgage refinance company by the Central Bank of Nigeria (CBN).